Financial services are the economic services provided by the finance industry, which encompasses a wide range of business sectors that manage money, including credit unions, banks, credit-card companies, insurance firms, accountancy companies, consumer-finance companies and stock brokerages. These companies are primarily concerned with the pooling of funds from those who have surplus money and their subsequent lending to those who need it.
They also include the redistribution of risk through insurance and investments as well as the promotion of domestic and foreign trade. Financial services help in the expansion of businesses by enabling them to buy raw materials, machinery and transport vehicles by providing them with credit at an affordable rate. This, in turn, leads to more production and employment which, in turn, results in higher incomes and demand for goods.
Unlike other industries where a degree is an essential requirement for entry, careers in the financial sector can start without one. This is because the skills required are more dependent on interpersonal and soft-skills than on academic achievements.
There are many opportunities to grow your career in the financial services industry, from credit cards and mortgage lenders to investment banks and asset management firms. And with new tools being introduced seemingly every day, there’s a lot to keep you interested in your work. Plus, the financial sector offers a high level of job satisfaction.